Kerala-based gold loan major Muthoot Finance (MFL) on Wednesday announced that it is expanding its lending portfolio by venturing into personal loans. The company will focus on delivering faster and efficient service to customers with simple documentation and appraisal process. Any salaried individual with stable employment and a monthly salary of `20,000 or more in metro locations and Rs 10,000 or more in other towns can apply for a personal loan with MFL. The rate of interest starts from 14% onwards. Speaking at a press conference here, George M Alexander, executive director, Muthoot Finance, said: \u201cThe disbursement of personal loan has witnessed consistent growth in India for the last 15 years. Also, the advent of credit bureaus has made personal loans more accessible to salaried class as financial institutions are willing to lend more based on individuals\u2019 past credit behaviour.\u201d According to him, the company will be able to leverage the existing customer base through its branches and direct sales team, thereby reaching to more and more customers. At a time when most of the lenders focus on financing individuals employed with large and established corporates, state and central government employees, Muthoot Finance will focus equally on salaried individuals employed with SMEs as well as with bigger corporates. \u201cWe will also lend personal loans to first time borrowers who meet our underwriting norms,\u201d he said. In FY19, the company aims to offer the personal loan product in more than 20 cities of south India. The company aims to build a portfolio of Rs 3,000 crore by 2023. Muthoot Finance is the largest gold financing company in India in terms of loan portfolio. The company provides personal and business loans secured by gold jewellery, or gold loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements. Muthoot Finance had reported a 40.28% year-on-year increase in standalone net profit in Q4 of FY18 at `451.38 crore as compared to `321.77 crore.